out and out conversion

out and out conversion
The rule that real estate intended by partners to constitute a part of the firm property, or treated by them as belonging to the firm, is regarded in equity as converted into personalty for all purposes, as well for the purpose of the adjustment of the partnership debts and the claims of the partners between themselves as for the purpose of determining the succession as between the personal representative of a deceased partner and the heirs at law. 40 Am J1st Partn § 111.

Ballentine's law dictionary. . 1998.

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